OCBC Bank has opened its second-largest branch at Wisma Atria, a 20,000 sq ft lifestyle and banking space featuring six retail and F&B partners.
Since the branch’s soft launch in August, OCBC says monthly applications for credit cards at Wisma Atria have been five times higher than that of an average branch. The value of monthly personal loans disbursed at the branch, too, has been 1.5 times higher.
According to OCBC, monthly wealth income from the Wisma branch is 30% higher than the monthly wealth income from its former Orchard Gateway branch, a 10,000 sq ft space that closed in August.
The bank’s relationship managers can meet with personal banking customers across five open pods and seven enclosed rooms. The new branch also boasts nine meeting rooms for its premier banking clients.
A third of the branch’s floor area is dedicated to retail, featuring homeware from SCENE SHANG, lifestyle products from Crane Living and over 5,000 titles by Malaysian bookstore chain BookXcess.
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The Wisma Atria branch also features Orange Mocha Café, artworks by Art Porters Gallery and Sushi Moka, a 10-seater omakase restaurant.
The branch is open daily; banking services will be available from 11am to 7pm, while the retailers will operate for two additional hours in the evenings. OCBC cardholders enjoy 10% off retail purchases and 8% off art pieces.
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According to OCBC, about 20% of the Wisma Atria branch’s walk-in customers are foreigners.
“Orchard Road is still one of the ‘must go’ places for locals and our overseas visitors,” says OCBC Group CEO Helen Wong at the launch on Nov 25. “OCBC Wisma Atria is a part of the group’s strategy to capture the rising Asian wealth, through our twin hubs of Singapore and Hong Kong. This space, therefore, is key to attracting new customers, Singaporeans and foreign customers alike.”
OCBC Bank has another branch along the underpass between ION Orchard and Wisma Atria. With high footfall there, the bank has no plans to close that branch. Instead, it could also serve to direct curious customers to the new Wisma Atria branch upstairs, says Sunny Quek, head of global consumer financial services at OCBC Bank.
OCBC Bank currently has 31 branches across the island, along with four FRANK branches in campuses. This year, the bank refreshed three branches with lifestyle concepts, located in Ang Mo Kio Central, Jurong Point and Tampines.
Quek says: “Even as we bolster our digital capabilities, branches remain an important touchpoint for many customers. When it comes to complex and deeper financial advisory conversations, they still prefer the intimacy, clarity and trust that face-to-face conversations with a qualified financial consultant provide. In fact, we expect footfall to increase in a branch like Wisma, because we give customers more reasons to come.”
He adds: “While the physical branch evolves, it should not be seen as an independent touchpoint siloed from the rest like our OCBC Digital app, or ATMs. We continue to pour resources into data analytics and management to ensure seamlessness across all our channels, with the goal that any customer can use the various touchpoints interchangeably without having to repeat their requests or needs.”
